METALS-Shanghai aluminium hits 9-mth high amid supply concerns

Reuters Staff

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SINGAPORE, Aug 20 (Reuters) - Shanghai aluminium hit its highest level in nine months on Tuesday, tracking gains in London in the previous session, as fears of a shortage following a flooding in China added to gains from China's measures to boost the economy.

The most-traded aluminium contract on the Shanghai Futures Exchange advanced as much as 1.2% to 14,455 yuan ($2,046.81) a tonne, its highest since October 2018.

Three-month aluminium on the London Metal Exchange rose 0.1% to $1,796 a tonne by 0205 GMT, after touching its highest in more than two weeks in the previous session.

FUNDAMENTALS

* ALUMINIUM: China Hongqiao Group, the world's biggest aluminium producer, said last week it was operating as normal after a typhoon lashed its home province, but investors remain concerned about potential supply disruption.

* OPEN INTEREST: Open interest of Shanghai's most active aluminium contract surged to its highest in 17 months, indicating solid liquidity of the contract.

* ALUMINIUM STOCKS: Aluminium inventories in warehouses tracked by the Shanghai Futures Exchange AL-STX-SGH fell to their lowest since April 2017 at 387,663 tonnes, while LME inventories fell to their lowest since July 23. MAL-STX-TOTAL

* BHP: Top global miner BHP Group said on Tuesday the U.S.-China trade war is not yet affecting demand for its commodities including copper.

MARKETS NEWS

* Asian shares extended their gains as hopes for stimulus in major economies tempered anxiety about a global recession, helping boost riskier assets and drawing money from safe-havens such as bonds and gold.